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Shinhan Financial to become top financial group in Asia by 2020, says Chairman Cho

Collected: 2017.03.28

Distributed: 2017.03.29

Source: Go Direct

Shinhan Financial Group will aim to become Asia’s leading financial institute by 2020 through enhanced asset management business and mergers and acquisitions of financial institutes across the region, pledged the new chief of South Korea’s largest financial group on Monday.

“Our goal is to become a leading financial group in Asia by 2020, beyond the championship in Korea,” Shinhan Financial Group Chairman Cho Yong-byoung said in his first press conference held after his inauguration. To enable that, it will bolster non-bank and non-interest businesses, in particular, asset management sector, while cementing its top position in the banking and credit card industries, he added.

The financial group’s key subsidiaries Shinhan Bank and Shinhan Card are currently taking the lead in the local market, but Shinhan Life Insurance, Shinhan BNP Paribas Asset Management, and Shinhan Investment have are lagging far behind their rivals.

He also aimed to reform the group’s business portfolio that relies heavily on bank’s interest income. Last year, a 65 percent of the group’s total net profits came from its banking business. “Following the new financial market trend shifting focus to the capital market, Shinhan will also bolster the investment banking capabilities of its subsidiaries, especially non-banking units,” said Cho.

By Kim Tae-sung

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